Canaccord Maintains Buy on Oncolytics Biotech, Inc. (USA) Following Updated Guidance on Reolysin
Canaccord Genuity analyst Neil Maruoka came out with his views on Oncolytics Biotech, Inc. (USA) (NASDAQ:ONCY), after the company provided updated guidance on its planned registration program for the drug Reolysin. The analyst maintained a Buy rating on the stock with a price target of $2.50. Shares of ONCY are currently trading at $0.63, down $0.02, or -3.55%.
Maruoka noted, “We believe that by conducting smaller run-in studies, Oncolytics can lower the risk associated with larger trials; however, limited randomized data in these indications does nonetheless create some uncertainty.” Further” We believe that Oncolytics is pursuing strategies using Reolysin as a neoadjuvant and using lower-risk histopathological endpoints to support approval, potentially reducing clinical risk.”
Furthermore, “We anticipate a number of data announcements in the near term, including randomized Phase II data in both ovarian and colorectal cancers. We believe that a signal of efficacy (a strong trend on a primary efficacy endpoint or a clear impact in a sub-patient analysis) could renew investor confidence and put the stock back on track.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Neil Maruoka has a total average return of 18.7% and a 82.8% success rate. Maruoka has a -9.7% average return when recommending ONCY, and is ranked #422 out of 3614 analysts.